UOB Malaysia extends COVID-19 Relief Assistance Programme for its customers affected by MCO 3.0
Kuala Lumpur, Malaysia, 11 June 2021 – UOB Malaysia has extended its COVID-19 Relief Assistance Programme for customers affected by the nation-wide Movement Control Order (MCO 3.0) that started on 1 June 2021.
UOB Malaysia’s COVID-19 Relief Assistance Programme, which was established in March 2020 and revised in October 20201, is now being enhanced in line with the government’s recent PEMERKASA Plus aid package2. The relief assistance programme is now available to:
- individuals who have lost their jobs due to the pandemic;
- individuals whose income has been adversely impacted due to the pandemic;
- individual customers who are registered under the government’s Bantuan Sara Hidup (BSH), Bantuan Prihatin Rakyat (BPR) or Bantuan Prihatin Nasional (BPN) aid programmes;
- microenterprises with loan/financing facilities up to RM150,000;
- businesses, including micro, small- and medium-sized enterprises (SMEs), that are not allowed to operate during the MCO 3.0 period; and
- other businesses that require financial support to overcome difficult circumstances during this period.
Mr Wong Kim Choong, Chief Executive Officer, UOB Malaysia said, “In view of the prolonged impact of the pandemic on businesses and individuals, UOB Malaysia remains committed to supporting our customers in need of financial relief so that we can help safeguard their livelihoods. We will continue our efforts to tailor our relief assistance initiatives so that they are relevant to our customers’ specific circumstances. In helping our customers through these trying times, we will help them manage their financial situation and emerge stronger for the recovery to come.”
The Bank is providing its customers with a range of repayment relief assistance options, such as:
- a three-month repayment moratorium;
- reduced monthly repayment instalments by 50 per cent for a period of six months; and
- reduced monthly repayment instalments that commensurate with customers’ reduced income for a period of six months.
Customers whose sources of income are affected by the MCO 3.0 are advised to contact the Bank as soon as possible to assess their financial situation and to determine a repayment option that suits them. All applications will be considered on a case-by-case basis. The acceptance of the repayment relief assistance during this period will not affect the customers’ Central Credit Reference Information System (CCRIS) report with Bank Negara Malaysia.
As at 28 May 2021, UOB Malaysia received more than 13,000 applications for repayment relief, with an approval rate of 99 per cent3. Given that the tighter MCO 3.0 period may present additional challenges to lives and livelihoods, customers with existing repayment assistance arrangements are also encouraged to contact the Bank for further assistance if they continue to face difficulties.
Customers can submit their requests simply by completing an online contact form on UOB Malaysia’s website, call the Bank’s contact centre numbers or apply in person at its branches.
During the MCO 3.0, the Bank also encourages its customers to continue using its digital banking services, including UOB Personal Internet Banking, UOB Business Internet Banking Plus and the UOB Mighty mobile app.
For customers needing to visit a UOB Malaysia branch, we have implemented a range of precautionary measures as recommended by the government to ensure the safety of everyone. Customers are advised to visit UOB Malaysia’s website for the latest information on operating hours or specific arrangements for over-the-counter services.
For more information on UOB Malaysia’s repayment relief scheme, please visit https://www.uob.com.my/default/covid-updates/covid-relief-assistance.page.
1 To align with government’s targeted repayment assistance (TRA) in helping individuals and businesses who need assistance after the automatic moratorium ends on 30 September 2020. Source Bank Negara Malaysia, 30 September 2020.
2 The Malaysian Prime Minister announced additional fiscal measures under the PEMERKASA Plus aid package to cushion the effects of MCO 3.0 on the economy. Source: Ministry of Finance, Malaysia, 31 May 2021.
3 The remaining one per cent were applications under processing as at 28 May 2021.